Ageing, Health, and Productivity: The Economics of Increased Life Expectancy

Pietro Garibaldi, Joaquim Oliveira Martins, and Jan van Ours

Abstract

The increase in life expectancy is arguably the most remarkable by‐product of modern economic growth. In the last 30 years we have been gaining roughly 2.5 years of longevity every decade both in Europe and in the United States. This progress has outpaced the most optimistic scenarios and documented that demographic projections are no more reliable than economic forecasts. This book looks closely into those challenges, raising a few fundamental issues at both the macroeconomic and microeconomic levels. Among these: is it possible to turn the challenges faced by ageing and longevity into a long ... More

The increase in life expectancy is arguably the most remarkable by‐product of modern economic growth. In the last 30 years we have been gaining roughly 2.5 years of longevity every decade both in Europe and in the United States. This progress has outpaced the most optimistic scenarios and documented that demographic projections are no more reliable than economic forecasts. This book looks closely into those challenges, raising a few fundamental issues at both the macroeconomic and microeconomic levels. Among these: is it possible to turn the challenges faced by ageing and longevity into a long‐term productive opportunity? Can advanced economies engineer a healthy ageing scenario with long‐term spillovers in terms of enhanced technological progress and acceleration of long‐term growth? What is the microeconomic relationship between ageing and productivity, and how can specific policies postpone any age‐related decay in productivity at the firm and individual levels?

Pekka Ilmakunnas, Jan van Ours, Vegard Skirbekk, and Matthias Weiss

End Matter

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